INTERNATIONAL BRIEFS

INTERNATIONAL BRIEFS;SCEcorp Unit Buys British Power Business

Published: December 23, 1995

The Mission Energy unit of the SCEcorp of Rosemead, Calif., acquired the First Hydro Company, the pumped storage business of the National Grid Company of Britain, this week for $1 billion. Mission Energy was the high bidder for the company.

Mission Energy said First Hydro consisted of two pumped storage stations in North Wales that have a combined capacity of 2,088 megawatts. Pumped storage stations consume electricity when it is comparatively less expensive to pump water for storage into an upper reservoir. Water is then allowed to flow back through the turbines to generate electricity when its market value is higher. (Dow Jones)